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Assemblyman
Bob Oaks
Assembly District 130
 
Revitalizing Small Business
October 26, 2007

Job creation and retention are vital to the success of New York. Our economy depends in large part upon the health of the small business and manufacturing communities. Nearly 98 percent of all businesses in New York are small ones, and almost 52 percent of working New Yorkers are employed by small businesses. In Upstate New York alone, half of all private sector jobs are in the manufacturing sector.

However, the sheer cost of doing business in New York has forced many businesses to leave or has prevented businesses from locating and growing here in our state. This year I supported and worked for the passage of key legislation which will help to improve our business climate.

I voted in favor of landmark changes which streamlined the state’s antiquated workers’ compensation system and will save employers millions of dollars while enhancing benefits for injured workers. In addition, as part of this year’s state budget, I voted for measures to eliminate the Corporate Franchise Tax for manufacturers – a move that will allow companies to save money and reinvest in our communities.

I also continued to serve as a member of the Assembly Minority Small Business Task Force. The Task Force traveled around the state gathering input from business owners, educators, local officials and representative organizations regarding government policies that impede development and proposing policies that would either remove those impediments or otherwise foster growth. As a result of these discussions, my colleagues and I have developed a plan to revitalize small business in the state by:

  • Restoring the one percent lower tax rate for small businesses
  • Providing a Small Business Energy Tax Reduction
  • Requiring that at least 15% of all state contracts be awarded to small businesses
  • Providing education grants to business owners and employees for courses necessary for the support and operation of a micro-enterprise business
  • Establishing the college to work program to provide companies that pay college tuition on behalf of an individual, with a tax credit equal to 25 percent of the tuition paid on behalf of the individual, with a maximum allowable credit of $5,000
  • Allowing businesses to pay all fees, filings and assessments as part of their annual state tax filing
  • Reducing the fees and simplifying the process for limited liability companies operating in New York State

We believe these initiatives, along with others included in our Road to Reform plan, will help to ensure that our state has the type of economy that supports job growth, enables state residents to continue to live and work in New York State and helps businesses become more competitive and grow. I look forward to sharing our proposals with you in the upcoming year.

In the meantime, please know that my office and I are always available to be of assistance and can be reached by calling 315-946-5166 or e-mail at oaksr@assembly.state.ny.us.

Best wishes for a happy holiday season.

 
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